Musicians File Bankruptcy List

Musicians seem all too prone to file for bankruptcy protection. It must be part of the career hazards that musicians face. Filing for bankruptcy protection does not always mean that the musician has no resources (look at Michael Jackson who had substantial assets, from the Neverland Ranch to an expensive ownership in the Beatles’ songs). Usually bankruptcy filings of famous people, including musicians are accompanied by substantial, and usually well known, financial troubles due to lawsuits, debts, or taxes.

Some argue that musicians are prone to file bankruptcy when they don’t like their contract. This was a big controversy surrounding the R&B group TLC. A complete list is too extensive but here is a short list of musicians who have filed bankruptcy or have been close.

Wolfgang Amadeus Mozart

Wolfgang Amadeus Mozart died poor at the early age of only 35. He left a vast amount of debt behind when he passed away which totaled over 4,000 florins (the equivalent of more than 8 times the annual salary of a middle-class government employee).

Toni Braxton

Oct 7, 2010. According to TMZ, the singer Toni Braxton, has filed for Chapter 7 bankruptcy again. She has between $10 and $50 million in unpaid debts to numerous creditors including AT&T, The Four Seasons Hotels, Tiffany & Co., Orkin Pest Control, The Internal Revenue Service.

Billy Joel

Billy Joel is among the top earning musicians with best selling concerts. He is a singer-songwriter and classical composer. Joel fired Frank Weber, his long time manager and ex brother-in-law, who defrauded Joel out of $30 million. Now, Joel’s drummer of 30 years, Liberty DeVitto, alleges he helped Joel create his biggest albums and claims in a lawsuit that Joel owes him overdue royalties.

Chaka Khan

Chaka Khan and her son, Damien Holland, were ordered in 2008 by a Torrance, California judge to pay more than $1.3 million to the family of a 17-year-old boy killed by Khan’s son Damien. The lawsuit accuses them of wrongful death and negligence.

Cyndi Lauper

Cyndi Lauper had a “short stint and debut record in 1980 with a fleeting band called Blue Angel, Lauper faced bankruptcy before hooking up professionally and later romantically with David Wolff, who would become her manager and help her land a record deal.”

David Crosby

David Crosby filed for bankruptcy in 1985 when his solo career failed. He was forced to sell beloved sailboat Mayan for which he was asking $1 million.

Debelah Morgan

Debelah Morgan had to file for bankruptcy after leaving Motown. “Motown’s owner, Polygram, merged with Universal, and was on a different wavelength than Debelah. While they wanted her album to be another urban record, she wanted to do something different that would transcend race, and didn’t want the whole album to be hip-hop. Maintaining her creative identity, she left Motown.”

Dee Snider

Dee Snider was the heavy metal front man of the band Twisted Sister. Lawsuits over tour advances and endorsements led Snider to bankruptcy.

Dorothy Dandridge

Dorothy Dandridge had a troubled marriage and declared bankruptcy in 1963.

Eddie Fisher

Eddie Fisher

Freddy Fender

Freddy Fender

George Clinton

George Clinton, funk music creator and lead singer of Parliament, declared bankruptcy in 1985.

George Jones

George Jones

Goo Goo Dolls

Goo Goo Dolls sold 2 million albums but still owed money to their record label.

Harry Nilsson

Harry Nilsson found himself impoverished as a result and responsibility of Nilsson’s financial manager. He told Terry Gilliam, film director: ‘he went to bed a multi-millionaire and woke up with 300 dollars.’ Nilsson suffered a heart attack, brought on by the strain of dealing with sudden bankruptcy.

Isaac Hayes

Isaac Hayes was a singer-songwriter, actor, and musician who filed for bankruptcy in 1976. He wrote and performed music back in the 60s and 70s. His record label went broke with debts over $6 million. Hayes lost his home, personal property, and future royalties from his music.

Jay Black

Jay Black of Jay & the Americans

Jerry Lee Lewis

Jerry Lee Lewis was inducted into the Rock and Roll Hall of Fame in 1986 and filed for bankruptcy in 1988 with $3 million of debt and no assets. Lewis is a rock and roll and country music singer, songwriter and pianist.

John Whitehead

John Whitehead

Johnny Paycheck

Johnny Paycheck? Say it ain’t so, not with a name like that.

Kacey Jones

Kacey Jones

Kerry Katona

Kerry Katona “was made bankrupt today [Aug 2008] after failing to deliver the final £82,000 of a £417,000 tax bill.”

LaToya Jackson

La Toya Jackson tried modeling in the 1980’s and posed for Playboy. Then tried a singing career that ended in bankruptcy in 1995.

Lionel Bart

Lionel Bart

TLC – Lisa “Left Eye” Lopes

Lisa “Left Eye” Lopes was part of the R&B group TLC. The group’s riches to rags story is another example of how a multi-platinum album group can declare bankruptcy. The album “Ooooooohhh . . . on the TLC tip,” which came out in 1992, sold nearly three million copies and “CrazySexyCool” sold 10 million copies. However, after fees, expenses, and money owed to their record company, managers, lawyers, advances, etc, the group still ended having to declare bankruptcy.

Lorrie Morgan

Lorrie Morgan

Lynn Spears

Lynn Spears, not a musician herself but instead mom of Britney Spears, and her husband filed for bankruptcy in 1998.

MC Hammer

MC Hammer found religion and filed for bankruptcy back in 1996. He made millions with record selling rap hits; however, he went on a spending spree to include a mansion costing $12-20 million and being far too generous while maintaining people on his payroll of $500,000 per month.

Melba Moore

Melba Moore

Michael Jackson

Michael Jackson is one of the most successful pop musicians of all time. And yet, Jackson racked up about $500 million of debt.

Michael Lee Aday

Mick Fleetwood

Mick Fleetwood member of the band Fleetwood Mac, filed for bankruptcy in 1984. Rumor was he was addicted to cocaine. Fleetwood claims financial woes due to purchasing real estate.

Mindy McCready

Mindy McCready

Motor City Five MC5

Motor City Five MC5

Natalie Cole

Natalie Cole went bankrupt in 1997.

Ronald Isley

Ronald Isley was the lead singer of the Isley Brothers. He declared bankruptcy in 1997 after the IRS seized his property to include a yacht. Isley is currently serving a 37-month sentence in Indiana for tax evasion and failing to file a tax return.

Run DMC

RUN-DMC filed for bankruptcy in August 1993.

Sammy Kershaw

Sammy Kershaw

Shenandoah

Shenandoah

Stella Huang Ng

Stella Huang Ng is a singer-actress, former model, and recent pop star in the Chinese-speaking world. Stella was declared bankrupt in a recent lawsuit where she owes dark chocolate cake firm Awfully Chocolate a total of $249,000.

Suge Night

Suge Night filed for bankruptcy in 2006 with just $11 dollars to his name. Lydia Harris was suing him for $107 million alleging to have been cheated out of a 50% stake in Death Row Records. Knight claims they had settled the matter for $1 million.

Tammy Winette

Tammy Wynette was forced to file for bankruptcy in 1988 due to health problems, an addiction to pain medication Demerol, and failed investments in Florida shopping malls.

Ted Nugent

Ted Nugent, hard rock guitarist and vocalist, filed for bankruptcy in 1980 due to several failed business ventures and poor management.

The Baltimore Opera

The Baltimore Opera Company filed for Chapter 11 protection in Dec 2008 where they revealed $1.2 million owed to creditors.

Tom Petty

Tom Petty filed for bankruptcy in May of 1979 with debts of $500,000.

Toni Braxton

Toni Braxton filed for bankruptcy in 1998 as a result of a $3.9 million debt. Creditors tagged and marked for sale her personal possessions to help pay off her debts. Included in the sale were her music awards.

Vanilla Ice

Vanilla Ice

Vic Damone

Vic Damone

Wayne Newton

Wayne Newton, the Las Vegas star, filed for bankruptcy in 1992 with $20 million in debt. Back in trouble in 2005, the IRS claimed he owed them $1.8 million in back taxes.

Willie Nelson

Willie Nelson wrote an album titled The IRS Tapes: Who’ll Buy My Memories? as a result of all his financial woes with the IRS. He owed $2 million on taxes and his lawyers and accountants recommended borrowing $12 million to invest in cattle for the tax write-off which the IRS ended up not allowing. This led Nelson to owe $32 million in back taxes.

Marvin Gaye

Marvin Gaye filed for bankruptcy in 1976 after the royalties from his next album were promised to his ex-wife as an alimony substitute. The album was titled Here, My Dear.”

Why do Celebrities go Broke?

ESPN Films 30 for 30: Broke is an excellent film with confessions of famous sport stars that analyzes the realities of famous people going broke. It discusses how they get trapped by bad investments, freeloaders, medical issues, and mostly lifestyle choices. You should definitely check it out.

13 AWESOME COMMENTS

Its hard to believe, but the exploitation of all artists has been happening since the 1700’s. Why do you think painters, and the work they produce usually fetches massive amounts of money after the artist is dead? In a world where piracy is as common as chewing bubble gum, its no wonder vynyl is making comeback. Its much tougher to upload albums than a digital recording. Sure the sound is far superior but the push is coming from the suits at the labels. As for the anti semetic comment – get bent
Support artists, and offer decent management for bands and musicians. Tell the greedheads to stop riding their coat-tails.
Radio can still help, you know, like old school am/fm radio?
Peace to all and stop the exploitation of artists.

You gotta note the name of Billy Joel’s Manager, and wonder just who, or what group rakes in the money in the music business. Funny how there’s always a six pointed star hanging over all the biggest defraudings.

The Chi Lites and Legendary Black Entertainers
August 4, 2010 at 3:38 pm
It’s not about responsibility but duty when it comes to abuse to anyone it is the duty of all that includes, even yes yours truly Oprah Winfery.

It’s not an unaware issue about the deaths of so many legendary black entertainers in the words of an ignorant idea I got mine get yours.

I got a little news for you someone helped even yes even Oprah Winfery anyone who forgets who help them and were they came from needs to quickly remember they could be back were they came from.

And if she forgets she will be back their like you are anyone else you don’t forget. Their never be a apology from any one asking for Oprah Winfery’s help PS

P S Oprah and you and her staff should remember that if you’re not going help don’t pretend are play like it on TV to get ratings.

Don’t ask million of people to give Oprah Winfery any money if she does not want to use it to help those who are in need and asses.

Tens of millions are give to Oprah every year to Angel Network why take the money if Oprah Not going to use it in the USA where it is given.
If it is given in the United States it should be use for the needy in the United States!!!

Oprah Don’t takes the money if you’re not going to help Son Darren of the Chi Lites and the legendary black entertainers in your own field that are homeless because of abuse and Corruption and racism.

Just give back if you’re not going to use it to help poor families in the USA and inner City Children at risk that the low life that wrote their uncovering statements obviously doesn’t care a lick about right.

If you can spend 40 million on a vacation for your spoiled staff I think you can find time to help!!!!!

There will be no Apology from me are anyone who speak the truth out!!!!
Tell that to the dead legendary black entertainers who died in poverty and legacy abuse
like Sammy Davis Jr., Creadel Jones from the Legendary Chi Lites, Jackie Wilson, Muddy Waters, and Florence Ballard from the Supremes ,
I wonder but do I really really need to are anyone else if the shoe was on Oprah Winfey’s foot would Oprah Winfery are her greedy staff still think the same way If they needed help from legacy exploitation and abuse that cause Oprah Winfery and staff to be poor are homeless would Oprah’s selfish Idea still be thought and used by her and her staff. Oprah I Got Mine You Get Yours I know with those Ideas you must be really help those poor in Africa Yeah Right!!!!!!
What a taxes scam HON Oprah Winfery for a person that gets over 260,000,000 dollars a year you had to come up with something hum? Can’t wait until January taxes roll around you and your staff can pretend Africa is your interest hoping that the IRS along are believes that lye for how long hum THAT’S THE REAL QUESTION HUM?

Help Africans yea right you can’t even help legendary black icons who have been forced in poverty from corruption and abuse to black legendary icons.

Oprah and staff keep the bad non work and I got mine you give me your so I can have more Angle Network up!!!!!!!!!!!!!!!!!!!!!!
Bottom of Form

For More On A New Film Project To Create A Motion Picture On The Exploitation And Hollywood Corruption And Mistreatment That Lead Legendary Icons To Be Exploitated And The Stories Behind It From A New Oprah Winfery Film Including Legendary Chi Lites Vist Http;//www.ChiLites.Ning.Com

Contact Oprah Winfery By Phone At 1 866 277-2496 1866 Oprah XM Hit 1 For Oprah And 2 For Gale King On Their Voice Mail.

Comment by Chi Lites Son Darren on April 04, 2010 at 1:34 pm Many Legendary Black Entertainers Family And Legacies Are Held In poverty Despite The Fact The Achievements The Awards And The Tremendous Profits That Their Legacies Are Earning And Has Earn Thru Out The Modern Entertainment And Hollywood Field And Industry Of Today.

Legendary Black Icons Are Left To Struggle Unable To Provide For Them Selves Are Their Own Heirs in Which Are Their Families. The Financial and Well Being Of These Legendary Black Entertainers Are Left To Be Homeless And Uncertain. The Families Like Creadel Jones From The Legendary Chi Lites And Black Pioneers Are Left To Die On The Streets And In Conditions And Homelessness.

The Voice Of The Legendary Legacies Of Black Entertainment Icons Are Given Silence And Disperse Little Opportunity Are Offered To Them. The Latest Death Of Michael Jackson, Chi Lites Legendary Creadel Jones, Robert Lester, Sammy Davis Jr , Isaac Hayes, Marry Wells From The Iconic Supremes James Brown Who’s Family were left also in poverty And Florence Ballard Jackie Wilson Joe Louis Thru The Abuse Of The Icons Revenues Earnings These
Icons Die In Poverty And Homelessness And Destitute. Nothing Is Brought Ass A Prevent chain Source To Stop The Revenues Mistreatment Are Embezzlement And Corruption To The Families Like Darren Son Of Creadel Jones From The Legendary Chi Lites Nor Mary Wilson’s Family Are Sammy Davis Jr. James Brown Family.

Michael Jackson’s Family Are Lucy To Be Able To Make Connection To Proper Help. But Some Many Of The Majority Don’t Get The Chance To. No Hope But To Ask Black Entertainers To Help Are Interest In Ending The Blackened Fate That Goes Into Destitute Conditions Poverty And Death.

Nothing To Show For The Iconic Creations Of The Legacy’s Hundreds Of Entertainment Industry’s Uses To Earn Hundreds Of Billions Of Dollars From. Their Iconic Legacy And Families Are Left Homeless And Even In Poverty. The Lives Of These Legendary Entertainers Mean Nothing But Their Dream Of World Famous Fame.

I’m a bit confused as what you are trying to say ? Please rewrite your comments.Your grammar,sentence structure and flow of logic is horrible.
If you are reflective of the above cited musicians, one should not be surprised at their failures in the music/entertainment industry.

I saw Johnny Paycheck 30 years ago at the Choctaw Pow-wow, near Philadelphia, Mississippi, where those terrible civil rights TV shots of dogs and water hoses were used on people. He shortly thereafter was in a bar and a weapon misfired he was carrying and the judge refused to accept his plea which included huge expenses taking care of his deathly ill wife and put him in jail, a case of bad judgment, in my opinion. No longer touring he probably went bankrupt from the incarceration and the notoriety which is a shame he was a “good” guy trying to keep people off “bar-stool mountain”. Iron Eyes Cody was there too, had just lost his wife, the daughter of New York State’s famous archaeologist, Arthur C. Parker. I wonder if “Iron Eyes” was from there, some Italian looks French, early French settlers are still represented in the Choctaw traditional dress. They had a Choctaw beauty pageant, too. They were making truck wiring harnesses for GMC on the reservation. Keep on truckin’